Amdocs has unveiled a solution it claims enables operators and other players to offer affordable banking services, as well as announcing the first customer to adopt it.
Working with local firm Triotech, Amdocs is delivering its solution to a partnership of the State Bank of India (SBI) and BSNL under a five-year agreement.
The solution will enable SBI and BSNL to jointly offer financial services to millions of unbanked households in rural India via their mobile phones.
The Indian government has a goal of promoting greater financial inclusivity among its population. The target is to provide banking service to 75 million households, including millions in the countryside.
The Amdocs Mobile Financial Services solution is aimed at operators, banks and other financial institutions. It aims to make banking accessible to users equipped with either feature phones or smartphones.
The new offering is based on technology gained when Amdocs earlier this year bought Utiba, a pioneer which previously supplied the technology for Globe’s GCash service in the Philippines.
The Amdocs solution enables services such as money transfer, bill payment, m-commerce, savings, loans, insurance, loyalty and top-ups. All services are delivered via the user’s mobile phone.